Duterte gov’t to blame for worst economic collapse in PH history
Duterte gov’t to blame for worst economic collapse in PH history
The Duterte administration is to blame for the worst economic collapse in the country’s recorded history. Growth rate falling to -16.5% in the second quarter from 5.4% in the same period last year is an unprecedented 21.9 percentage point drop.
All the countries in Southeast Asia recorded their first cases of COVID-19 within weeks of each other around the end of January. Six months later, the Duterte government’s incompetent response has made us not just the sickest country but also the weakest economy in the region.
The country’s second quarter performance is the worst of the major economies of ASEAN: Singapore (-12.6%), Indonesia (-5.3%), Vietnam (0.4%). Thailand and Malaysia haven’t released their official estimates yet but these are projected to be around -10% to -13% by analysts.
The pandemic’s impact is much worse than it should be because of the Duterte administration’s slow, poor and inadequate pandemic response. The economy will falter as the virus continues to spread. This is aggravated by the Philippines having the smallest COVID-19 response in the region to date, as monitored by the International Monetary Fund (IMF).
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